Vestas' operating profit for the third quarter of 2013 exceeds expectations
Vestas, a manufacturer of wind turbines, reported a third-quarter operating result above expectations on Tuesday. This was driven by a good performance in its onshore operations. The stronger-than-expected result suggests Vestas is successfully executing a turnaround after years of losses, managing to pass on higher costs to customers and improve profitability even as the wider wind industry faces severe headwinds. The Danish company announced a 77% increase in operating profit from July to September before one-offs…
J-Power to Shut Two Coal-Fired Power Plants
Japan's Electric Power Development (J-Power) said on Friday it will decommission two coal-fired power plants by March 2029 as part of efforts to meet its 2030 goal of cutting carbon dioxide emissions by 46% from 2013 levels.President Hitoshi Kanno also reaffirmed the company's commitment to completing the Oga-Katagami-Akita offshore wind project in northern Akita prefecture under Japan's second-round public auction framework.J-Power, a wholesale electricity supplier, relies on coal-fired generation for over…
J-Power shuts down two coal-fired plants and commits to offshore wind project
J-Power, Japan's Electric Power Development Company (J-Power), announced on Friday that it would decommission 2 coal-fired plants by March 2029 in order to achieve its 2030 goal of reducing carbon dioxide emissions by 46 percent from 2013. Hitoshi Kano also reiterated the company's intention to complete the Oga, Katagami, and Akita offshore project in the northern Akita Prefecture within the framework of Japan's public auction second round. J-Power is a wholesale supplier of electricity that relies on coal-fired production for more than half of its sales in the United States.
Vestas shelves Polish turbine plant amid weak European demand, FT reports
The Financial Times reported that Vestas, a Danish wind turbine manufacturer, has shelved its plans to build its largest factory in Poland due to a lack of demand on its main European market. The report could not be verified immediately. Vestas has not responded to the request for comment. Vestas announced plans to build a second offshore wind farm in Poland last summer. The factory was to produce blades in 2026 and create over 1,000 jobs. The company informed the FT that investment in the facility had been suspended "due to a lower than expected demand for offshore winds in Europe".
Nippon Steel to Supply Material for Vestas Wind Towers
Nippon Steel signed a cooperation memorandum with Denmark's wind turbine maker Vestas Wind Systems on Wednesday to supply steel for Vestas' wind towers for European, Asian and Japanese markets, Japan's industry ministry said.The agreement was part of a broader push by Japan's Ministry of Economy, Trade and Industry (METI) to strengthen the supply chain for wind generation in the country where renewables are key to reducing import costs and dependency on fossil fuels.Offshore wind is a pillar of Japan's renewable energy strategy…
Shares in European Renewable Companies Rise After Revised US Senate Bill
Shares in European renewable energy companies rose on Wednesday after the U.S. Senate passed a revised budget bill the previous day which was more positive for wind power compared to an earlier version.U.S. President Donald Trump's "Big Beautiful Bill" makes it harder to develop wind and solar energy projects in the U.S. by effectively phasing out renewable energy tax credits after 2026 if projects have not started construction.In the Senate's final version, projects will be able to use the lucrative credits if they begin construction before 2026.
Shares of European renewable energy companies rise following revised US Senate bill
The shares of European renewable energy companies increased on Wednesday, after the U.S. Senate approved on Tuesday a revised version of its budget bill which was more favorable for wind power than an earlier version. The "Big Beautiful Bill", signed by Donald Trump, makes it more difficult to develop solar and wind energy projects in the U.S. The end date for wind and solar projects that start construction after this is 2027. The revised Senate bill excludes from the deadline all projects that begin construction in the next 12 month.
Denmark Plans Offshore Wind Tender With Up to $8.3 Billion Subsidy
Denmark will launch offshore wind tenders with a capacity of three gigawatt (GW), enough to power three million homes, its energy ministry said on Monday, offering subsidies to developers of up to 55.2 billion Danish crowns ($8.32 billion).The three tenders will open in the autumn this year and cover two areas in the Danish North Sea and one in the waters separating Denmark from Sweden.Two tenders will close in spring 2026 and one in the autumn of 2027, with completion expected by 2032 and 2033 respectively.The offshore wind industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting
Denmark Plans to Offer Up to $8.3 Billion in Subsidies for Offshore Wind
Denmark's energy ministry announced on Monday that it will offer offshore wind tenders for a maximum of 3 gigawatts (GW), which is enough to power up to three million homes. The subsidies offered to developers could reach as much as $55.2 billion Danish crowns (8.32 billion dollars). Three tenders are scheduled to open this autumn, covering two areas of the Danish North Sea as well as one area in the waters between Denmark and Sweden. The two tenders are expected to close in spring 2026, and the other in autumn 2027. Both will be completed by 2032 or 2033.
European stocks close higher for the fourth day in a row; US inflation data is assessed
The European stock market ended Tuesday slightly higher, with investors assessing mixed corporate results and the fading of positive momentum fuelled by a soft U.S. reading on inflation, along with a truce between the Sino-U.S. Trade spat. The STOXX 600 index, which covers the entire continent, closed at 0.1%, its highest level since March. This is its fourth session in a row of gains. The report was positive in the U.S. but caution was warranted as it did not yet capture the impact that President Donald Trump’s tariffs had on the economy.
Vestas: US Import tariffs Will Raise Domestic Electricity Prices
President Donald Trump's import tariffs will ultimately result in higher electricity prices for U.S. consumers, wind turbine maker Vestas warned on Tuesday, adding it could not absorb the extra costs.Wind turbines include components and materials sourced globally, making the sector vulnerable to potential impacts from international trade tariffs."Ultimately, the tariffs will go in and be part of an increased cost to the projects and therefore it will lead to an increased price in electricity," Vestas CEO Henrik Andersen told Reuters.Denmark's Vestas…
Copenhagen Infrastructure Partners closes third offshore wind project with Taiwan
Copenhagen Infrastructure Partners, a clean energy fund manager, announced on Wednesday that it had reached financial closure on its 495 Megawatt (MW), Fengmiao I Wind Project, located off the coast Taichung in Taiwan. CIP announced that Fengmiao 1, its third offshore wind farm in Taiwan, would be built by local and international suppliers with proven track records. CIP reports that Danish wind turbine manufacturer Vestas will provide 33 units of their latest 15MW turbines for Fengmiao I. Vestas supplies turbines to CIP’s two existing projects.
Ukraine looks for investment in Davos to recover from the recession as Trump calls for peace
While U.S. president Donald Trump called for an end to the three-year war and Ukraine's President discussed peacekeeping forces, Ukrainian officials courted private investors to help rebuild their country this week. Oleksiy Sbolev is the first deputy minister of economy. He described a $500-billion reconstruction project that would bring both financial and strategic dividends to Western Investors, while Kyiv intensifies its privatisation plans in order to attract foreign investment. Sobolev, speaking on the sidelines the World Economic Forum annual meeting in New York City, described recent successes with smaller privatisations.
Wind stocks in Europe suffer after Trump labels turbines as 'garbage.'
The European wind power sector fell Wednesday, after Donald Trump, the U.S. president-elect said that he would work to make sure "no new windmills" were built under his watch. He also criticized the sector just two weeks before taking office. Trump's latest attack on the industry has investors worried about the future of the U.S. Wind Market, which is the second largest in the world after China. This could cause companies that have invested in it to sell. Shares of the two largest offshore wind farm developers in the world - Denmark's Orsted…
Rosatom, a Russian company, has opened a new wind turbine blade manufacturing facility to replace Vestas.
The governor of Russia’s Ulyanovsk Region said that Rosatom, the state nuclear corporation of Russia, has opened a factory for wind turbine blades at the site of an old Vestas plant. Vestas, a Danish wind turbine manufacturer that produces blades for wind farms near Ulyanovsk, closed the plant in 2022. It left Russia 2023 with all its assets. After the start of the conflict in Ukraine the sanctions imposed by the West on Russia have isolated Russia from Western technologies, components and the renewable energy sector.
Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO, Rasmus Errboe, will guide and support the experienced senior leadership team in the U.S. market.Mads Nipper, Group CEO, says, “I want to thank David for his five years with Ørsted.
No Subsidies, No Bids: Denmark Largest Offshore Wind Tender Falls Flat
In the wake of Donald Trump's election as U.S. President, all eyes have been trained on the U.S. Offshore Wind market and future, with his promise to stifle the U.S. Offshore Wind market in favor of oil and gas. But a recent lackluster performance from a leading Scandinavian country suggests the slow down in offshore wind energy projects may be spreading.Denmark's latest offshore wind farm tender in the North Sea has failed to attract any bids, authorities said on Thursday, in a further setback for the industry.After a year of challenges…
Winds of Change Blew Through Offshore Wind, and Denmark Missed It
Analysts said that the failure of Denmark to receive any bids for an offshore wind energy tender this week is due to a rigid auction system, a failure adapt to a changing economic reality and increased competition.It was a major blow for Denmark, the home of turbine manufacturer Vestas, and offshore developer Orsted. Both companies have been pioneers in both onshore and offshore wind power.The Danish North Sea tender, for a minimum of 3GW of capacity, did not offer any subsidies. Instead, it invited competition for payments to be made over 30 years by the state.
Iberdrola Gets Portugese Nod for Wind Farm Start
Iberdrola has received a production license from the Portuguese Directorate-General for Energy and Geology of Portugal (DGEG), taking another step towards the construction of the largest wind farm in Portugal.Located in the districts of Vila Real and Braga, in northern Portugal, with a total investment of around €350 million, this project reinforces Iberdrola's commitment to environmental goals, being the first to combine wind and hydro energy. This implies sharing of the connection point and the evacuation line of electricity produced…
Vestas CFO steps down; shares fall 5%
Vestas, a Danish company, announced on Wednesday that its Chief Financial officer Hans Martin Smith would step down at the end of the year. The company has already begun searching for his successor. This news sent its shares down 5,5% in the early trading. Last month, the wind turbine manufacturer reported a lower-than-expected core profit for its third quarter. It also warned that its profit margin would be likely at the lower end its forecast range for the year due to increased costs and warranty provisions. Vestas CEO Henrik Andersen stated, "I understand the decision to try something else after 20 years at Vestas.